So much to read on this thread. So interesting following years of advise on one thread. It’s wonderful to be able to learn something new. Trading is difficult no wonder so many come and fail, or is it that many do not want to learn and put in the effort. Most people don’t want to put in the countless hours of effort to succeed, which leads to a winning mentality. I come from a medical background so I like to follow rules and order. The dance gives a structure to the market as Ray termed a flow. One cannot succeed unless there is a road map and a way forward, hardwire always overcomes talent. Never give up always continue forward one step at a time.
Why would you use it? Just stick to 10 & 35/50. There is no need for anything else unless you get advanced enough to make some aware and sensible changes to the method on your own. Before that if you wont be able to put 35/50 to work than 62 is not going to help IMHO.
Heads up for next week, check GBPUSD on the weekly chart and look where it is at. Could be potential for a massive short
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market makers always go against the retailer;s sentiments,they proved you wrong.pair went higher instead of falling.
market makers are using Brexit to disturb the market,it is all better to avoid gbp pairs ATM.Retail traders are very small ,Giant dealers move the market against us ,so trade in line with them or avoid major pairs.
Are both correct by the rules two bar retracements or only second one? The picture is just an example, it is a simplification of 2 bar retracing to MA10 from an area of consolidation/uncertainty after a higher high (1). Or does it always have to count directly from that highest high (2)?
Am I correct to think that no 1 could be legit in a strong setup but would be still potentially weaker than no 2 and if traded one should be more careful with it?
Everyone experienced with the method is welcome to answer but I mostly look forward to Kostas, obviously. Thanks in advance.
Hello, Are both correct by the rules two bar retracements or only second one? The picture is just an example, it is a simplification of 2 bar retracing to MA10 from an area of consolidation/uncertainty after a higher high (1). Or does it always have to count directly from that highest high (2)? Am I correct to think that no 1 could be legit in a strong setup but would be still potentially weaker than no 2 and if traded one should be more careful with it? Everyone experienced with the method is welcome to answer but I mostly look forward to Kostas,...
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As my understanding, only #2 is two-bars retrace and has higher probability to resume uptrend if it is 1st retrace.
#1 using more bars to get there, thus a red H1 bar formed which may cause reversal.
1st trade: GU +4p, 30 pips profit after 25 mins of entry, but I was expecting more, holding one more hour and hurried out with 4 pips. Lesson learnt: prepare to take your pips (or take partial lots) if it more than 15-20 pips.
2nd trade: UC +16p, no regret moving another 10+ pips in my direction after exit.
Hi Larry well done. I would have taken the 1 st touch 3 bars before on the first graph
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I have to disagree. Maybe this is not so obvious once you see what happened later but while the touch happened the MAs were really flat. Besides you need a dynamic move down and a dynamic retrace for a valid touch trade, here the price was barely moving. I would definitely wait and take the same touch as Larryw had. I could consider entering on COB of this bar rather as a rejection than touch but it would need to have a smaller body offering a smaller SL placed above the wick.
{quote} Hi alper. The two bar rule means two bars retracing to a Ema touch in a trend.. Two red bars in a long setup/two green in a short setup to get there.
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hey sesamstrasse, does the retrace have to be strictly over 15 pips as well towards an ma touch?
